$CHWY

Chewy (CHWY) shares are down over 40% year to date despite fiscal 2025 free cash flow rising 24%, the article says. Autoship subscription sales rose to 83% of revenue (from 76% two years earlier), with subscriber sales up 12% vs. total revenue up 6%. The stock decline reflects concerns about discretionary pet spending, price competition, and potential AI disruption to ads, while Chewy expands clinics via Modern Animal (29 sites, 47 total) and targets further margin gains.